In respects of corporate insolvency, an accountant who assists the External Administrator (for example a Liquidator) to:
- Take legal & practical control of an insolvent company
- Communicate the effect of the Liquidator’s appointment with stakeholders, particularly creditors
- Secure, preserve and realise the (various) assets of the Company, including trading on a business when required
- Investigate the records of the Company, to identify and pursue legal claims available (to maximise funds for creditors)
- Report breaches of law to regulators
- Report outcome of realisations and investigations to creditors and hold creditors meetings
- Distribute funds to creditors, in accordance with the Corps Act
- Similar to a football umpire, the Liquidator (and the Liquidator’s staff) are in control of, and are accountable for, the liquidation process.
A day in the life ...
WHERE DO WE WORK?
- Australian corporate & insolvency law (Corps Act) means we are appointed to Australian incorporated companies
- Onsite attendance to understand and to control the Company’s assets and affairs (mostly metro, but also regional centres)
- Liaising with stakeholders regarding sale of Company’s assets, wherever that may be
- Liaising with Lawyers to assist with legal recoveries.
- Mostly in office, attending to most tasks, including investigations & reports to ASIC & creditors.
WHY WORK IN RESTRUCTURING & RECOVERY?
- A large range of professional skill acquired & required, keeps it interesting
- A large array of industries
- Achieving the best outcome from a difficult situation
- Working in a team environment
- Ability to work calmly & professionally under stressful conditions
- Statutory timeframes often requires longer hours when needed